Why is this on GB Firearm news page?
http://abfjournal.com/story.asp?id=19449
Wells Fargo, Others Provide $400 Million Revolver to American Commercial Lines
Monday, April 30, 2007
American Commercial Lines (ACL) announced it has entered into a new $400 million bank revolving credit facility led by Wells Fargo Bank as administrative agent. The revolver has a five-year term, a variable interest rate based on LIBOR and varies with ACL's level of debt to EBITDA. The variable interest rate spread at closing was 62.5 basis points over LIBOR.
In addition to Wells Fargo as administrative agent, other members of the bank syndicate include Bank of America and JPMorgan Chase as co-syndication agents, Fortis and LaSalle as co-documentation agents, and BB&T, Fifth Third, National City, PNC, SunTrust, US Bank and Wachovia.
The new credit facility replaces the existing $250 million asset-based facility that was entered into on February 11, 2005 and would have expired in February 2010. Under the new loan agreement, the company has an option to increase the size of the credit facility up to an additional $200 million to a total facility size of $600 million.
Kevin S. Boyle, ACL vice president and treasurer, commented, "We are pleased to announce the completion of our new bank deal. It provides significant liquidity and greater flexibility to execute our strategic growth initiatives. The new cash flow revolver completes the reorganization of our balance sheet and the lower interest rate is recognition from our banking partners of the company's financial transformation the past two years."
American Commercial Lines, Inc. is an integrated marine transportation and service company.
Wells Fargo, Others Provide $400 Million Revolver to American Commercial Lines
Monday, April 30, 2007
American Commercial Lines (ACL) announced it has entered into a new $400 million bank revolving credit facility led by Wells Fargo Bank as administrative agent. The revolver has a five-year term, a variable interest rate based on LIBOR and varies with ACL's level of debt to EBITDA. The variable interest rate spread at closing was 62.5 basis points over LIBOR.
In addition to Wells Fargo as administrative agent, other members of the bank syndicate include Bank of America and JPMorgan Chase as co-syndication agents, Fortis and LaSalle as co-documentation agents, and BB&T, Fifth Third, National City, PNC, SunTrust, US Bank and Wachovia.
The new credit facility replaces the existing $250 million asset-based facility that was entered into on February 11, 2005 and would have expired in February 2010. Under the new loan agreement, the company has an option to increase the size of the credit facility up to an additional $200 million to a total facility size of $600 million.
Kevin S. Boyle, ACL vice president and treasurer, commented, "We are pleased to announce the completion of our new bank deal. It provides significant liquidity and greater flexibility to execute our strategic growth initiatives. The new cash flow revolver completes the reorganization of our balance sheet and the lower interest rate is recognition from our banking partners of the company's financial transformation the past two years."
American Commercial Lines, Inc. is an integrated marine transportation and service company.
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yep 400mill for a revolver is a bit steep 0
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